Topic > A Quick Look at Economist Henry Charles Carey

I. An Economist at Work Henry Charles Carey was known as a supporter of trade barriers and devoted himself to the study of economic issues with his published work Essay on the Rate of Wages as he accepted the British doctrine of laissez-faire free trade and at the same at the same time he rejected David Ricardo's doctrine of rent and Thomas Malthus's doctrine of continually diminishing resources. Carey argued that the application of capital and human invention surpasses the limits of barren land and further elaborated his economic ideas in the publication of his ___________________________1Internet Archive, Henry Charles Carey from the Web.2Andrew Dawson, Reassessing Henry Carey (1739 -1879): The Problems of Writing Political Economy in 19th Century AmericaPrinciples of economics according to which the land derives its value from the capital exhausted in it, and that the increase in workers' wages only thanks to the returns of capital tends to a progressive distribution of wealth among the poorest members of society. Carey transformed his thoughts into a systematic body of doctrine with the publication of three volumes of his Principles of Political Economy. Carey became more devoted to his theories as the financial and economic depression that followed the Panic of 1837 was seen as an urgent reason for continued advocacy of protectionism and against free trade. Carey's 1848 book Past, Present and Future became influential, making Carey a regular contributor to the New York Tribune where correspondence was established with leading political figures on important economic and financial issues. Carey's The Harmony of Interests: Agricultural, Manufacturing & Commercial in 1851 attacked British economic doctrines as ... middle of paper ... less cultivable.”3 Malthus and Ricardo both conform to this statement by calling the “oligarchic mentality of their masters imperial – steal the valuable things first.”4 Carey in response explained how the colonists of the American continent first developed the least fertile land and through human creativity first enriched themselves with such more valuable technological things – Carey developed in detail how the colonists of the American continent actually developed the least fertile first and through human creativity such as technological innovations, some of which were steam engines, drainage systems, canals and agricultural tools, made great advances over European production per acre of agricultural land. ___________________________________________3E. Peshine Smith, Manual of Political Economy, Henry Carey Baird, Philadelphia, 1872, p. 16.4Smith, Handbook of Political Economy, p.16.